TMT Investments Plc (AIM: TMT), the venture capital company investing in high-growth technology companies, is pleased to announce its final results for the year ended 31 December 2018.
· NAV per share of $3.09 (up 27.3% from $2.43 as at 31 December 2017)
· Total NAV is $90.3m (up from $67.4m as at 31 December 2017)
· US$24.7 million of net cash proceeds from full and partial exits during 2018, of which $22.3m was received post year-end in respect of Wrike, Inc. (“Wrike”)
· $3.5m (before expenses) raised from investors, including a UK institutional investor
· Diversified portfolio of over 25 companies focused around big data/cloud, e-commerce, marketplaces and SaaS (software-as-a-service) solutions
· Many portfolio companies continue to experience rapid growth
· Strong expectations of positive revaluations in 2019
· Active pipeline of new investment opportunities
· $22.2m in current cash reserves
Alexander Selegenev, Executive Director of TMT said, “2018 was another successful year for the Company, with several sizeable positive revaluations and exits across our portfolio.
“The Company’s net asset value benefited from various revaluations during the year including the 350% increase in the value of our investment in Bolt (previously called Taxify), the global ride-hailing and transportation company which became the first ‘unicorn’ in our portfolio, and Wrike, the collaborative work platform, which we realised in December 2018, achieving a 173% uplift on our carrying value.
“These events more than offset the smaller write-downs that we accounted for in order to maintain our portfolio free from poorly performing investments.
“As of 31 December 2018, TMT had successfully exited from 12 investments (including 4 partial exits), generating $37m in net cash proceeds (including deferred amounts) since our admission to AIM in December 2010.
“This demonstrates our ability to identify highly promising companies with exceptional leadership at an early stage and to actively manage our portfolio. We are very pleased to see that a significant number of our portfolio companies have become star performers led by outstanding management teams that continue to experience rapid growth and attract additional capital at significantly higher valuations.
“We look forward to further positive revaluations across our portfolio during 2019. Following the realisation of Wrike, we are now well capitalised to take advantage of the significant number of opportunities available to us and I look forward to keep shareholders updated on our progress.”
Leave a Comment